Luxury goods giant Richemont hurt as rich stop shopping

Richemont, the luxury goods giant behind Cartier jewellery, Chloe fashion and Montblanc pens, today reported a 12 per cent drop in thirdquarter sales in a sign that even the super-rich have stopped shopping.

The company said total sales had dropped to €1.55billion (£1.44billion) in the three months to December, as it warned it was struggling with the toughest trading conditions in two decades.

Sales in the US have been hardest hit, falling by almost a quarter in December.

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'Given the current economic climate and the uncertainties facing us, we see no cause for optimism. We must assume that there will be no significant recovery in the foreseeable future,' Richemont said.